The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $2.67/mt to $479.83/mt cfr on Wednesday amid multiple offers and a lack of bids.
The ferrous scrap market is quiet in Turkey as importers are inactive and might not make any purchases this week. Some suppliers have attempted negotiations with little interest from Turkish mills intent on lowering prices.
According to market participants, there are around 15 deep-sea cargoes available for March shipment now, and offers for HMS 1&2 (80:20) vary at $485-490/mt cfr from the USA and at $480-485/mt cfr from the Baltic region.
The most recent deal in Turkey was done out of the US on Jan 8 at $485/mt cfr for HMS 1&2 (90:10), with shredded at $492/mt cfr.
Turkish mills continue to collect orders for steel products before resuming scrap bookings. The daily domestic spot rebar prices in Turkey were flat at TRY5,670-5,720/mt ex-works, including 18pc VAT, on Wednesday, and the daily exported rebar prices remained unchanged at $650/mt fob.
Asian bulk markets, meanwhile, rose by over $5/mt after a Bangladesh producer booked two bulk cargoes from the US and New Zealand. The cargo from New Zealand comprises 13,000mt of heavy melt at $500/mt cfr and 9,000mt of shredded at $505/mt cfr. A vessel from the US West Coast was booked at an average price of $503/mt cfr for heavy melt and shredded.
($1 = TRY7.41)